Bitcoin Craptocurrency has plunged to USD $ 230, down 81.6% from its USD $ 1250 high – Unfortunately for bitcoin holders the ponzi scam crash continues to play out as holders of bitcoins find out that as is the case with all scams that when they want to sell their holdings they CAN’T. Instead they are locked into holdings that continue collapse in value all the way towards a pittance of the price that hooked them into buying of just a few months ago.

Slovenia, Bulgaria, Romania, and such like places where the now effectively frozen bitcoin exchanges operate from should have been a big signal for SCAM ALERT! Even the big exchange at Tokyo remains frozen as hackers, crackers, and cyber attackers dictate the real value (if any) of the craptocurrency.

The current ‘price’ of Bitcoins is USD $ 230, though off course the price is absolutely meaningless if one cannot actually trade at it ! Which is the case for many bitcoins holders today, as they will only be released form their bitcoin torture when the value of their holdings has been effectively wiped out, stolen by those that constructed and maintained the ponzi scam that hooked many unsuspecting naive investors into its vortex amidst an avalanche of sales propaganda that was liberally regurgitated at length by worthless mainstream media that painted a picture of Bitcoins having come of age when the truth was of the scammers final price spike.

The mainstream financial media is yet still populated by propaganda attempting to seduce foolish new entrants into a collapsing ponzi scheme that encourages new victims to buy at low prices, when any that do get suckered will soon by feeling the mental torture of having been conned out of their hard earned wealth. This whilst the same journalists / market commentators who were encouraging investors to jump onto the ponzi bandwagon barely a few weeks ago can today be seen warning of the dangers of Bitcoins AFTER THE FACT as evidence of the fact that 95% of the market commentary out there is WORTHLESS, that tends to flop flop every over week, so it is no wonder that so many people can be repeatedly suckered into the latest ponzi scam after scam after scam.

In fact as I have stated many times over the years, the degree of worthlessness is such that people are far better off NOT reading anything, NOTHING ! Than attempt to identify the 5% or so of useful insightful market commentary out there.

Every reader should check the track record of any market commentator before taking any notice and for that we have the ultimate intelligence agency tool, namely GOOGLE!, to be blunt if you don’t google someone’s track record on a particular market then you are a FOOL! that deserves to LOSE your money!

95% of What you reading is WORTHELSS SALES PITCH!

99% of Mainstream media is a WORTHLESS SALES PITCH!

What rocks are the Bitcoin pumper’s hiding under today? Where are the likes of Max Keiser and his RT Newspeak disinformation brainwashing hogwash TV show today? Or are they as I suspect suffering from collective amnesia, instead now pumping out sales pitches and propaganda disguised as sterile warnings surrounding bitcoins when at the time that they should have been warning they were busy pumping bitcoins in show after show after show!

First he pumped Silver then it crashed, then he pumped Bitcoins and well – it crashed. Now he’s pumping ?

Here’s a re-cap of my warnings of over 2 months ago to GET OUT IMMEDIATELY :

The bitcoin stepped crash with much volatility continues to play out not just towards my technical target of 500 but eventually towards virtually zero as represented by my longer-term objective of just 15, that is 1/99th of its trading high. So understand this that the nightmare for those who continue to hold onto bitcoins is only just beginning, yes the price has crashed by 37%, but it is still stands 37% above its technical target of 500 and has the potential for a 96% loss of its current value should the target of 15 be realised, so this is NOT the time to hold on hopes of recovering back towards the highs as the loss of value sustained could literally be TOTAL! A lesson that all market traders have to learn else they will go bankrupt holding on for price recoveries that always become more distant with each stomach churning lurch to the downside.

A quick technical review of the charts implies that a double top pattern is being formed which is a warning that the bounce from the neckline is not something that bitcoin holders should put much hope into for the price is likely to reverse within days to break the neckline and retrace all the way down to at least 500 (current 1074), which is more than a 50% drop of the last price and a 60% drop from the high.

Longer term my view remains that bitcoins could lose as much as 99% of their value, so following a 60% crash, don’t be seduced into the buying opportunity sales pitch that you will hear much about, no matter how hard the price bounces following the crash it will as the bitcoin longer term history illustrates just mark the initial phase of a prolonged price collapse towards 1/99th of its trading high or about 15, at which point even I would consider a speculative buy.

As was the case for the original Tulip Mania, following the bursting of the bubble Bitcoins will soon be forgotten and so will the craze for all peer to peer i-currencies, as the bottom line is that bitcoins never matched the hype for transactions are NOT anonymous and it IS heavily manipulated by a handful of mining pools so is not decentralised as today ordinary people cannot muster the processing power required to mine for bitcoins.

The bottom line is that bitcoins are a pyramid ponzi scheme where those who got in early win, whilst everyone else loses. If you own bitcoins then you should get out IMMEDIATELY!

Still despite repeated warnings, many people were not convinced as illustrated by the below exchange in the comments section: